Kraken Brings Tokenised US Securities to Europe via xStocks

Kraken, a major global US-based cryptocurrency exchange, has become the newest platform to launch tokenised securities in Europe after its initial debut in June.

Overview

On September 9 2025, Kraken officially expanded its tokenised securities platform, xStocks, to eligible investors across the European Union. Previously deployed in a phased global rollout starting in June, xStocks allows investors to trade tokenised versions of over 60 US stocks and ETFs—including names like Apple, Tesla, Meta, and GameStop—directly through the Kraken app. 

Built in partnership with Swiss fintech firm Backed Finance, xStocks are blockchain-based certificates pegged 1:1 to real-world equities. They mirror the underlying asset’s value while offering digital flexibility and accessibility. Kraken’s European launch continues its mission to break down barriers for global investors to access US markets without traditional brokers, costly fees, or settlement delays.

Technical Edge: On-Chain Trading and Multichain Support

xStocks operate on the Solana blockchain as SPL tokens, providing fast, low-cost on-chain transactions. Kraken has plans to extend support to additional blockchains: BEP-20 (BNB Chain), Tron, Ethereum (ETH) mainnet (as ERC-20 tokens), and potentially its upcoming Ink blockchain and other networks—enhancing interoperability and DeFi integration.

These tokenised assets introduce several advantages for EU traders:

• 24-hour trading, Monday to Friday, is a marked contrast to traditional market hours.
• Fractional ownership, enabling traders to start with as little as $1.
• Asset portability enables holders to move xStocks between compatible platforms or self-custody wallets—something conventional broker accounts don’t offer.
• DeFi composability, allowing xStocks to be used within decentralised finance protocols as building blocks for lending, pooling, or structured products.

According to Kraken, xStocks has generated more than US $3.5 billion in trading volume since the June global launch across both centralised and DeFi platforms.

Strategic Implications: Democratising Global Market Access

Kraken’s Global Head of Consumer Mark Greenberg described the EU rollout as a

“natural next step”

in its growth strategy and market presence in Europe. He stated,

“For too long, it’s been unnecessarily challenging to gain exposure to US markets, and with xStocks, we’re removing many of the barriers.” 

Kraken’s tokenisation move comes amid intensifying competition: Robinhood launched a similar EU offering in June, issuing tokens of over 200 US stocks and ETFs (and even private company exposure like OpenAI and SpaceX) via Arbitrum. Meanwhile, Nasdaq filed with the US SEC to bring tokenised securities onto its central exchange—a step toward integrating tokenised listings into traditional market infrastructure.

Greenberg argued that while platforms like Nasdaq pursue “walled, KYC-only models,”

“the real technological breakthrough lies in permissionless, interoperable platforms like xStocks.”

He elaborated:

“With xStocks, assets aren’t trapped inside a single exchange, wallet or even blockchain. They can move as freely as any crypto asset. That openness is the essence of Web3.” 

Backed’s co-founder, Yehonatan Goldman, added that Nasdaq’s push

“serves as a powerful validation of the growing institutional interest in tokenised assets”

and signals

“the immense market potential for tokenised assets.” 

Kraken’s EU launch of xStocks bridges traditional securities with digital, decentralised infrastructure. By offering 24/5 access to tokenised US stocks and ETFs, enabling multichain support, self-custody, and DeFi composability, Kraken opens up new pathways for European investors to participate in global markets—paving the way toward more inclusive, borderless, and efficient financial systems.